Siemens Gamesa obtains revenues of €11 billion

Siemens Gamesa Renewable Energy today presented its results. Regarding fiscal year 2017, revenue increased by 5% to €10,964 million, while underlying EBIT was €774 million (-18%) with an EBIT margin of 7%.

Between April and September, revenues fell 12.3% while underlying EBIT came to €192 million (-63.4%) with an EBIT margin of 3.8%. These results were impacted by specific onshore market conditions, including the temporary suspension of the Indian market, and impairments relating to accounting adjustments to inventories. Excluding these impacts, revenues fell just 2% with an EBIT margin of 7.3%. Excluding also currency effects, revenues were flat.

Commercial activity intensified in the fourth quarter, both onshore and offshore, resulting in a significant increase in order intake amounting to 3 GW (+40%). This volume reflects the improvement of Siemens Gamesa's competitive position with the best quarterly onshore order intake since the beginning of 2015 which reached 2.2 GW.

Markus Tacke, CEO of Siemens Gamesa, commented:

"Our financial performance is still not at the level we're all aiming for. But it's clear that we are making positive progress as we carry out our plan to make this company an industry leader. Our integration efforts are proceeding ahead of schedule, and I'm confident that the decisions we're making will allow us to better respond to changing market conditions, and to better serve our customers and other stakeholders."

In the context of the ongoing integration of legacy structures, the company has announced a restructuring plan affecting a maximum of 6,000 employees located in 24 countries (700 already announced).

The previously announced synergy target of €230 million is confirmed as a minimum and the company expects to achieve this target in the third year, 12 months ahead of schedule.